Tuesday, May 12, 2009

Huge credit card company halts ALL new lending

Advanta Corp., the issuer of credit cards for small businesses, will halt new lending for its 1 million customers next month as the recession causes a surge in loan defaults. ... Advanta said ... charge-offs, or uncollectible debt, reached 20 percent on some cards as of March 31. "We'll be shutting down accounts for future transaction activities,

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